Nanox Imaging: Company Perspectives and Short-Sellers Allegations

Nanox Imaging: Company Perspectives and Short-sellers Allegations

DEEP KNOWLEDGE ANALYTICS

December 2020 Introduction

Introduction 3 Disclaimer: Our research institute does not have any direct or indirect Nanox Vision - About Company 4 relations with any of the parties mentioned in this document, including but not limited to, Nanox imaging ltd., any of its employees, affiliates, directors, Technical Characteristics of the Product 7 partners, founders or suppliers. We do not hold any NNOX shares, either Main Partners and Customers 13 directly or indirectly and have no options, warrants, long or short positions in NNOX equities or its derivatives. Our research is an independent review Market Analysis 16 with no financial or other benefits to be derived from its publication. The information and opinions in this report were prepared by us as an Market Perspectives 17 independent organization. Though the information herein is believed to be Up to date Customers 19 reliable and has been obtained from public sources believed to be reliable, we make no representation as to its accuracy or completeness. Hyperlinks Investors and Investments 22 to third-party websites in this report are provided for reader convenience Investments History 26 only. We neither endorse the content nor are responsible for the accuracy or security controls of these websites. This report is provided on an Team Analysis 27 independent basis and should not be deemed as a recommendation to buy C-Level Analysis 28 or sell NNOX stock. R&D Team 29 IP Analysis 31 Patents Overview 33 Conclusions 36 CONTACT US Prototype Demonstration 38 www.dka.global Comparative Analysis (SWOT Analysis) 39 [email protected] Disclaimer 41 Executive Summary

The report presents an independent analysis of the business and Nanox Imaging is currently without a commercially available prototype technological prospects of Nanox Imaging Ltd. We have initiated this and that has raised several red ﬂags. However, in the present report research following the publications of the Citron Research and Muddy should clarify that this is not entirely true - Nanox actually has a fully Waters Research short sellers reports, which presented allegations of operational digital x-ray which is also the core of their product offering. misconduct regarding the Nanox business and technological claims. Another important point is the low R&D spending that the organization Nanox is currently headquartered in Israel and is developing a digital published during the periods of 2018 and 2019. The present analysis X-ray source involving a cold cathode 'Spindt Array' enabling more reviews the major reasons why this occurred, and offers the major eﬃcient and economical X-ray systems for radiography and conclusion that this is actually only a problem if you analyse it outside tomography. of the full context of the company and its total spendings.

The organization was established under the laws of the State of Israel We will also bring the attention of the public to the other controversies under the name “Nanox IMAGING LTD” on December 20, 2018. At the presented in the short seller reports of Citron and Muddy Waters, time of incorporation, all research had already been carried out and including allegations of dubious pre-sale deals and a lack of FDA patented by their predecessor - Nanox Imaging PLC (“Nanox Gibraltar”), approval. On a ﬁrst glance these may seem to be illogical and a Gibraltar public company. Nanox’s vision is “to increase early suspicious factors indicative of illegitimacy, but after a thorough detection of medical conditions that are discoverable by X-ray, which we analysis the reader of this report should be able to grasp the true believe is key to increasing early treatment, improving health outcomes motives behind them, and understand that they are, in fact, not and, ultimately, saving lives.” indicative of illegitimacy or misconduct when considered within the full scope of the company’s operations and industry. The present analysis provide additional information regarding the

speciﬁc claims made by the Citron and Muddy Waters short sellers reports, which included:

● Initial Public Offering without a Minimum Viable Product ● Unreasonably low R&D spending vs. claimed medical capabilities of their products and technology ● Fraudulent pre-sale deals with incapable distributors ● Lack of FDA approval for its technology and products Deep Knowledge Analytics 3 Nanox Vision - About Company

Commercial and legal history Technology and business model

After a partnership with Sony, and over $1B investment in developing an After more than 20 years of research and development, with over $1B electron field emission technology for production of a new kind of invested, the company’s team of engineers has managed to develop television, the founder of the original company (Hitoshi Masuya) unique intellectual property, patents, and the capacity to design and teamed up with Israeli entrepreneur Ran Poliakine and incorporated build high-powered field-effect cathodes. Their system combined Nanox Imaging PLC in Gibraltar (in 2012). The purpose of forming a new digital X-ray device Nanox.ARC and an AI cloud-based software called company was to provide a tax planning structure allowed by the state in Nanox.CLOUD. order to enable ongoing spending on research and development. Nanox Imaging’s proprietary cold cathode technology greatly improves Several small equity rounds later (in 2018), a new entity (Nanox Co Ltd) the cost effectiveness and efficiency of X-ray imaging. At the core of was established in Israel which aimed to prepare the whole consortium the cold cathode technology is a “chip” made out of nano-scale of companies (from Japan, Gibraltar and Israel) to launch an Initial structures developed using proprietary nanofabrication techniques and Public Offering (IPO). An additional factor behind the establishment of methods supported by peripheral technologies in order to translate the new company was to appropriately reflect the correct ownership their benefits into real-world applications. structure as management of the Nanox project moved entirely from Japan to Israel. Two years later, on 21st of August, 2020, the company Nanox Imaging has an additional specific feature that differentiates it initiated its Initial Public Offering with its digital x-ray source developed from other similarly-focused technology providers: their unique medical on the basis of the Sony electron field emission technology. screening as a service (MSaaS) business model, which allows for wide distribution and accessibility, and which charges health providers with The latest investment round, executed in July, 2020, amounted to $59 a pay-per-scan service model. million. This brought the total capital raised by the startup since December 2019 to $110 million. Investors included global corporations like SK Telecom, South Korea’s largest wireless carrier, Industrial Alliance, Foxconn, and Yozma Korea.

Deep Knowledge Analytics 4 Nanox Timeline

The earliest mention of Nanox, “Nanox PLC developed certain Nanox Japan Ltd Nanox Imaging Ltd (Israel), connected to a current Israeli technological capabilities 株式会社ナノックスイメージ Nanox Imaging PLC (GB) and company is Nanox Limited, which involving the design and ング Nanox Japan Inc are a single is headquartered in Hong Kong. production of various applications entity (incorporated in several The company's line of business for x-ray based imaging. Nanox In 2020, Nanox Japan places) in the digital includes the wholesale distribution PLC has been a changed its name to radiography ﬁeld. development-stage company Nanox Imaging Co. Ltd. of electronic parts and electronic Round B: $110M since its inception. Nanox PLC has Nanox Imaging Ltd (Israel) - communications equipment. IPO $165.2M a wholly owned subsidiary, Nanox inherited all patents previously Hitoshi Masuya Chief Technology Japan Inc. (hereinafter “Nanox granted to its predecessor Oﬃcer, Nanox Ltd Japan”). Nanox Japan primarily companies. provided R&D services to Nanox PLC.”

Equity Rounds: $8.91M

Nanox Ltd Nanox Imaging PLC Nanox Japan Ltd Nanox Imaging IPO Hong Kong Gibraltar Japan Israel

1993 2012 2015 2018 2020 List of Patents

● Chi Yeung. 2003. Image capture device. US20030163623A1. ● Hidenori Kenmotsu. 2019. X-ray imaging device and synthesis ● Koichi Iida, Hidenori Kenmotsu, Jun Yamazaki, Hitoshi Masuya. method of tomosynthesis image. WO2019151250A1 2013. Devices having an electron emitting structure. EP2826056A1 ● Tsuchiya Tadayoshi, Nishimoto Norihito. 2019. Method for controlling x-ray tube and device for controlling x-ray tube. ● Norihito Nishimoto, Hitoshi Masuya, Jun Yamazaki, Hidenori WO2019151251 Kenmotsu. 2013. Imaging device with election source array. WO2014009832A1 ● Hitoshi Masuya. 2019. Cold cathode electron source and x-ray generator equipped with same. WO2019244874A1 ● Hidenori Kenmotsu, Hitoshi Masuya, Koichi Iida. 2014. Electron emitting construct conﬁgured with ion bombardment resistant. ● Ben Shalom Amir, Greenstein Lior, Davara Gilad, Verbuch Gusti. US10741353B2 2020. System and method for providing a digitally switchable x-ray sources. WO2020141435A1 ● Koichi Iida, Jun Yamasaki. 2017. X-ray tube and a controller thereof. US20180005796A1 ● Masuya Hitoshi, Kenmotsu Hidenori. 2020. Tomosynthesis device and method for driving same. WO2020158644 ● Hidenori Kenmotsu, Hitoshi Masuya, Koichi Iida. 2017. X-ray tube and a conditioning method thereof. US20170301505

● Kenmotsu Hidenori, Masuya Hitoshi, Tsuchiya Tadayoshi, Nishimoto Norihito. 2019. Control method of x-ray imaging device. WO2019151249

● Hidenori Kenmotsu. 2019. Cold cathode x-ray tube and control method therefor. WO2019151248A1

Deep Knowledge Analytics 6 Technical Characteristics

DEEP KNOWLEDGE ANALYTICS What is new in Nanox ARC?

The Nanox.ARC employs the novel digital X-ray source that is designed to The Nanox System aims to address the limitations of existing medical be energy-eﬃcient, smaller and can be more precisely controlled imaging systems on three levels: compared to existing X-ray sources. ● Digital X-ray source with the potential to signiﬁcantly reduce the In the medical imaging sector, using a Field-Emission-type X-ray tube has costs of medical imaging systems several desirable properties: ● Technology designed to improve upon the industry standard with ● Rapid time switching integrated radiology diagnostics via a cloud-based MSaaS ● Rapid intensity change platform. ● Colder mechanism ● Business model designed to increase the availability of medical ● Lifetime improvement imaging

The Nanox tubes are signiﬁcantly smaller and require less energy to Early detection via medical imaging may potentially save millions of lives operate, enabling a new generation of medical imaging devices. annually for cancer patients alone.

Despite the fact that a Nanox.ARC prototype is still not publicly

tested, Nanox have presented results with phantom body parts in its oﬃcial IPO ﬁling on NASDAQ.

Nanox have oﬃcially submitted "a 510(k) application for a single-source version of the Nanox.ARC to an accredited Review

Organization under the U.S. Food and Drug Administration’s (the

(Source: Prospectus) “FDA”) Third Party Review Program”

Deep Knowledge Analytics 8 Characteristics of the Product

9+ years of development by a Japanese and Israeli engineering team produced a stable Cold-Cathode ﬁeld emission MEMS silicon .

What is a Cold Cathode ? The term "cold cathode" (or a "ﬁeld emitter") refers to a cathode that is not electrically heated by a ﬁlament.

Nanox ﬁeld emission cathode technology allows X-ray imaging to overcome longstanding impediments to innovation and market growth. This technology aims to become a novel digital standard of X-ray imaging.

The cold cathode, made of millions of nanoscale gates (called nano-spindts), digitally generates electrons and successfully replaces the thermionic ﬁlament in the X-ray tube.

“Nanox has achieved the world’s first commercial-grade digital X-ray These factors address and justify Nanox against the the short source, without the use of heat,” Ran Poliakine, founder and CEO of sellers reports’ allegations of low R&D expenditure and Nanox, told Digital Trends. “Without the need to produce heat, the “cold comparatively small R&D staff sizes in comparison to cathode” can be made between 70-90% smaller. This also reduces the administrative and general costs and staff size. cost.” The overall operating expenses of this project as a whole were According to Nanox website info: “Cold Cathode technologies attracted in recent years and moving forward appear to be focused on first professional interest in the late 1990s to early 2000s when flat panels were considered for big-screen solutions”. This indicates that the majority commercializing an already developed technology (cold of the company’s R&D relating to their cold cathode was finished some cathode technology), thus necessitating comparatively less time ago. R&D expenses than previous years.

Deep Knowledge Analytics 9 Who is going to produce the equipment?

Foxconn Technology Group

Foxconn Technology Group, also known as Hon Hai Precision Industry From December 2019 through July 2020, Nanox entered into share Co., Ltd., is a Taiwanese multinational electronics contract purchase agreements with certain investors, under which company manufacturing company headquartered in Tucheng, New Taipei, sold an aggregate of 6,812,000 ordinary shares to the Investors, at a Taiwan. It is the world's largest electronics contract manufacturer and price per share of $16.00, for an aggregate purchase price of the fourth-largest information technology company by revenue. approximately $109 million (the “Private Placement”). As part of the Private Placement, Nanox sold 312,500 ordinary shares to Foxconn In 2019, Foxconn Technology Group achieved a net income of 132.19 Singapore Pte Ltd. for an aggregate purchase price of approximately billion New Taiwanese dollars, the equivalent to approximately 4.41 $5 million. The consumer tech manufacturing giant joined Nanox’s billion U.S. dollars. This is an increase from the 4.24 billion U.S. dollars previous supporters Fujiﬁlm, SK Telecom and other private entities and in proﬁt that the company recorded in 2018. boosted the project’s total backing up.

According to some estimates, the company manufactures One of the company’s goals is to be able to provide early detection approximately 40 percent of all consumer electronics. Notable services at a lower cost compared to traditional X-rays, as well as CT, products manufactured by Foxconn include the BlackBerry, iPad, mammogram and angiogram modalities, through a pay-per-scan iPhone, iPod, Kindle, Nintendo 3DS, Nokia devices, Xiaomi devices, business model. PlayStation 3, PlayStation 4, Wii U, Xbox 360, Xbox One, and several CPU sockets, including the TR4 CPU socket on some motherboards. ● Foxconn is a leading investor in Nanox.

Employing more than a million people worldwide, the company was one ● Nanox has entered into a contract manufacturing agreement of the world's largest employers in 2015. with FITI, a subsidiary of Foxconn for the commercial production and assembly of the Nanox.ARC. It aims to ship close to 15,000 machines in the next three years.

Deep Knowledge Analytics 10 Nanox Imaging Products in Brief

Nanox.ARC Nanox.CLOUD

Using the Nanox tube's unique features, such as its fast response time, The Nanox.CLOUD is designed to provide an end-to-end medical imaging small size, and lower cost, Nanox has built a radiographic system called service, including services such as image repository, radiologist matching, the Nanox.ARC. online and oﬄine diagnostics review and annotation, connectivity to diagnostic assistive AI systems, billing and reporting. This system uses several Nanox tubes arranged in a curve above a patient's radiographic table. Using advanced image processing Source: Nanox Announces Agreement With CureMetrix For AI-based techniques such as Tomosynthesis, Nanox can provide advanced Assistive Diagnostic Tool to Support Nanox Cloud Platform imaging where no imaging existed before.

Deep Knowledge Analytics 11 Nanox.CLOUD

The Nanox.CLOUD is a companion cloud-based software that is designed to provide an end-to-end medical imaging service, including services such as image repository, radiologist matching, online and oﬄine diagnostics 1 22 review and annotation, connectivity to diagnostic assistive artiﬁcial intelligence systems, billing and reporting.

The Nanox System is designed to enable medical screening as a service 1 - Nanox.ARC transmits imaging data to its cloud SAAS platform (“MSaaS”) to improve accessibility and affordability of early-detection services worldwide. 2 - Nanox.CLOUD provides secure imaging analysis and billing services

The system aims to enable global access for diagnosis for medical By integrating the Nanox.CLOUD, the Nanox System aims to provide a industry professionals, and makes following a number of improvements streamlined process where each scanned image is uploaded traditional approaches including: automatically to the cloud system and matched by a human radiology ● Medical AI systems provide decision assistive information expert and decision-assistive AI algorithms. ● Radiology specialists provide timely online diagnostics ● Hospitals and doctors get real time and global access AI algorithms will provide scan reviews and diagnostics in a signiﬁcantly shorter time frame than current diagnostic processes, According to the Nanox Imaging Prospectus, the company is “ actively which could substantially reduce wait-times for imaging results and seeking collaboration opportunities”, as they anticipate that their “digital increase early detection rates compared to industry standard imaging and cloud-based subscription model will bring more digital healthcare process protocols. disruptors into the market.” It is worth mentioning that the company has stated that the development and commercialization of the Nanox.CLOUD is Launching Nanox.CLOUD will maintain doctor-patient communication. dependent upon a number of factors including the need for a According to Nanox Imaging Prospectus, the Nanox.CLOUD software considerable investment of technical, ﬁnancial, and legal resources, prototype was developed in parrallel with Nanox.ARC. which may not be available to the company.

Deep Knowledge Analytics 12 Main Partners and Customers

Partner Name Description of the partnerships Date Type of Cooperation

● The deployment of 2,500 Nanox Systems in South Korea and Vietnam. SK Telecom ● Partnership scope includes manufacturing MEMs X-ray chips for June, 2020 Collaboration Agreement the Nanox.ARC. ● Investor - $110M

● The deployment of 3,000 Nanox Systems February, USARAD ● Promotion of Nanox.CLOUD services among radiologists to join Collaboration Agreement 2020 the Nanox diagnostics services platform.

● Joint research and development projects September, Hadasit ● The provision by Hadasit of services in connection with Products, Collaboration Agreement 2019 where no innovative research will be carried out.

The University of Tokyo is providing clean rooms to manufacture the September, University of Tokyo Cooperative Agreement MEMs X-ray chip. 2020

Integration Ambra’s enterprise image exchange solution with October, Ambra Health Nanox.ARC systems as they are deployed via the startup’s cloud Collaboration Agreement 2020 network.

Using the Nanox.ARC for developing novel early-detection and September Hadassah Collaboration Agreement screening protocols to promote preventive practices. 2019

Deep Knowledge Analytics 13 Main Partners and Customers

Partner Name Description of the partnerships Date Type of Cooperation

Integration the CureMetrix advanced AI diagnostics solution into CureMetrix March, 2020 Collaboration Agreement Nanox’s planned cloud-based software platform.

● Local integrations into health maintenance organizations, electronic health record systems, and insurance companies. Brainomix Limited ● To accumulate a signiﬁcant number of medical images, to be July, 2020 Collaboration Agreement used by collaborators to increase the probability of early disease detection.

Testing of the Nanox.ARC and the Nanox.CLOUD together with August, IMedis AI proprietary AI algorithms used for the analysis of brain damage Collaboration Agreement 2020 caused by stroke, chest and abdominal X-rays.

Offering Qure.ai’s AI-powered diagnostics to a large network of August, Qure.ai Technologies Collaboration Agreement radiologists who can beneﬁt from accurate CT scan interpretation. 2020

August, Lunit Joint research with VUNO on digital X-ray and CT technology. Non-binding Agreement 2020

Jointly development with Lunit focused on commercializing medical August, VUNO Non-binding Agreement AI solutions based on digital X-ray and CT technology. 2020

Deep Knowledge Analytics 14 Technology Overview Conclusions

About the products About the partners

● The ARC platform is a unique tool that has the potential to ● There are two types of partners for Nanox Imaging: those disrupt the current Medical Imaging industry. The next chapter - aiming to assist with the development of ARC, and those working Marketing, provides a detailed explanation on the impact that the with the company on their Nanox CLOUD solution. new solution can provide. ● The majority of the company’s current collaborations were ● The CLOUD-based solution, supported by AI and Big Data, can established during 2019 - 2020. bring substantial value to the healthcare sector in the coming decades. The AI algorithms have the ability to provide scan ● Foxconn Technology Group (the largest investor in Nanox) is reviews and diagnostics in signiﬁcantly shorter time frames than providing important expertise and resources for the production current diagnostics, which could substantially reduce wait-times of the company’s ARC system. for imaging results and increase early detection rates compared to currently-employed imaging process protocols. The added ● SK Telecom (South Korea’s biggest telecom company and the value that the platform can bring to the research community is company’s second-largest investor) is working with Nanox for also enormous. the distribution of the system on the Korean market and the development of the MEMs X-ray chips for the Nanox.ARC ● The company’s main investors are also technological and logistic partners - this means that they are participating in the ● Brainomix Limited is another important partner for Nanox. They whole chain of supply - from development to distribution to their specialize in the creation of AI-powered imaging biomarkers and respective markets. data analysis is to provide medical insights for healthcare professionals. ● No FDA approval for the Nanox.ARC Prototype - the central problem at this stage. The upcoming conference will be the culmination of more than 20 years of research and development that has to be approved by the FDA in order to be

commercialized.

Deep Knowledge Analytics 15 Market Overview

DEEP KNOWLEDGE ANALYTICS Global CT Market

The global computed tomography (CT) market size is primarily driven by Key Market Players: the rising share of population over 65 and an increase in cases of chronic ● Hitachi Ltd. diseases, as well as а gradual shift in medical care toward image-guided ● Siemens AG interventions and rapid technological progress in the ﬁeld. The global ● Toshiba Corporation computed tomography market was valued at US$ 5,021.6 million in 2016 ● Samsung and is expected to exhibit a robust compound annual growth rate of 5.2% over the period of 2017–2025. ● General Electric Company ● Koninklijke Philips N.V. (Source: Coherent Market Insights) ● GE Healthcare The burden of chronic genetic diseases is on the rise across the globe, ● Anke Biotechnology and medical imaging procedures are playing a very important role in the ● Neusoft Medical System Co. Ltd accurate diagnosis of these diseases. Chronic genetic diseases, such as ● Philips Healthcare heart disease, stroke, cancer, diabetes, obesity, and arthritis, are among ● Carl Zeiss Meditec the most common, expensive, and preventable of all health problem. ● Shenzhen Anke High-tech Co. Ltd According to the estimates of World Health Organization (WHO), non-communicable diseases (NCDs) account for 63% of all deaths (36 ● NeuroLogica Corporation million out of 57 million global deaths) and 80% of the deaths occur in ● Hitachi Medical System America, Inc. low- and middle-income countries (due to the lack of adequate ● iThera Medical GmbH healthcare services and equipment). (Source: www.who.int)

The above-mentioned statistics provide ample evidence that there is substantial demand for the solutions provided by Nanox Imaging, and that this demand will only grow as the size of geriatric populations increase (not only in developed nations, but also regions transitioning from one stage of economic development to another).

Deep Knowledge Analytics 17 Market Perspectives

The use of X-rays and other physical waves such as ultrasound can Country Average waiting time for MRI and CT test resolve between 70% and 80% of all diagnostic problems, but almost two-thirds of the global population lack access to diagnostic imaging. In 26 days for a computed tomography (CT) scan. South America and the Caribbean islands, available services frequently Canada 77 days for a magnetic resonance imaging (MRI) scan. 28 days for an ultrasound. have to deal with poor quality procedures and unnecessary radiation The 42-days standard for the tests including endoscopies, colonoscopies, exposure. As a result, many diseases, such as tuberculosis, pneumonia or MRI and CT scans. various types of cancer, are often misdiagnosed or go undiagnosed. UK "Increasing trend in the number of patients waiting longer than six weeks over the past two years" - The NHS report It is estimated that over 3.6 billion diagnostic X-ray examinations are 14-28 days to get an MRI. conducted every year all over the world. Nevertheless, there is a wide gap US The second highest number of MRI machines in the world. in the rates of radiographic diagnosis between developing and industrialized societies. While in countries with medium health ±44 days for outpatients and ±5 days for inpatients for a MRI (excluding Germany emergencies). development in South America and the Caribbean region, around 400 radiological research studies per 1,000 individuals are performed per France 38 days an oncologic patient must wait for a MRI scan. annum, and in those with low health development some 30 per 1,000 population are performed, while in the developed world the number is 18 days for MRI scans. around 1,700. Netherlands 8-9 day for CT

Two-Thirds of the World's Population has no Access to Diagnostic Imaging India > 365 days waiting list (hospital having only one MRI machine).

This is what Nanox proposes to solve. They aim to address both the North and West: 60 days for MRI scans. East: 49 days for MRI scans. shortage of imaging systems and of radiologists needed to read the scans Australia South: 27 days for MRI scans; Average wait time for CT is 27.7 hours of these systems, which results in weeks and months of waiting time for diagnoses that may make the difference between life and death. Russia Several months for MRI scans.

Israel 52 days for an MRI.

Deep Knowledge Analytics 18 Customers to Date

Number of Customers Name Description of the partnerships Date Location pcs

The deployment and operation of 630 Nanox Systems (comprised of the September, SPI Medical 630 Mexico Nanox.ARC and the Nanox.CLOUD). 2020

Providing medical imaging services at affordable prices for communities of varying Taiwan, Golden Vine 500 June, 2020 socio-economic status. Singapore

Distribution The deployment and operation of 600 Nanox Systems comprised of the Nanox.ARC May-June, 600 Russia, Belarus Partners and the Nanox.CLOUD to provide medical imaging services. 2020

The deployment and operation of 1,000 Nanox Systems comprised of the Australia, New The Gateway Group 1000 March, 2020 Nanox.ARC and the Nanox.CLOUD. Zealand, Norway

● The deployment and operation of 500 Nanox Systems comprised of the Promedica Nanox.ARC and the Nanox.CLOUD. 500 June, 2020 Italy Bioelectronics ● Providing medical imaging services at affordable prices for communities of varying socio-economic status.

South Korea, SK Telecom The deployment of 2,500 of the Nanox.ARC systems in 2021. 2500 June, 2020 Vietnam

The deployment of 3,000 Nanox Systems, under Nanox’s MSaaS (Medical Screening USARAD 3000 February, 2020 USA as a Service).

LATAM Business Latam BD Group is a business consulting and development ﬁrm specializing in the 1000 July, 2020 Brazil Development Group Latin American markets.

Deep Knowledge Analytics 19 Customer Regional Distribution

USARAD Distribution Partners USARAD is a radiologist-run and JSC Roel Group; Clarity Medical Solution operated full-service subspecialty Location: Russia, Belarus radiology and teleradiology company Date: May-June, 2020 SK Telecom that provides teleradiology services. Number of pcs: 600 SK telecom is a wireless Location: USA telecommunications operator Date: February, 2020 in South Korea. Number of pcs: 3000 Location: South Korea, Vietnam Date: June, 2020 Number of pcs: 2500

SPI Medical Golden Vine SPI Medical is a distributor of Golden Vine is led by Ms. Pepi Liao, a specialty pharma products and second generation of the Liao Wan medical devices. Promedica Bioelectronics Lung, family, who is the founder and Location: Mexico Promedica Bioelectronics S.r.l. is operating in chairman of CB CERATIZIT – one of Date: September, 2020 the ﬁeld of marketing and technical the largest global suppliers of Number of pcs: 630 management of high-technology equipment of Diagnostic Imaging and Oncology Therapy. Tungsten Carbide to leading medical Location: Italy imaging vendors. Location: Taiwan, Singapore LATAM Business Development Group Date: June, 2020 Number of pcs: 500 Date: June, 2020 Latam BD Group initiates, develops and promotes Number of pcs: 500 business between innovative companies and the Latin American markets, in various technology ﬁelds such as life sciences, medical devices, The Gateway Group advanced agriculture, Fintech. Australia’s largest independent product Location: Brazil distributors including health, wellness, Date: July, 2020 medical supplies and devices. Number of pcs: 1000 Location: Australia, New Zealand, Norway Date: March, 2020 Number of pcs: 1000 Deep Knowledge Analytics 20 About Customers

● Nanox Imaging is currently lacks an FDA approved prototype and is trying to gain as many customers as possible in order to substantiate their 15,000 units manufacturing plans with pre-sale orders before the product can even be tested by their distributors. This is a highly unusual method for a small company, as pre-sale strategies are mainly used by large corporations (e.g. Apple). However, it is an aggressive and reasonable approach for Nanox considering that they cannot send a prototype for testing ahead of regulatory approval and have to close deals that are contingent upon clearances in every country. This overalll strategy, while reasonable in the full context of their operations, is nonetheless a major risk that should be monitored closely. ● Other factor impacting their decision to pursue mass distribution via pre-sales-contingent contracts could be attributed to the need to provide investors with assurance that the company has generated large enough traction on the target market. ● According to allegations, there are some cases mentioned among consumers that where cannot afford (according their financial results) the number of machines they signed to purchase. This could be considered as irrelevant because the Nanox business model does not require their distributors to finance the systems, placing that responsibility upon the medical centers that will be operating the systems, which need to provide financial assurances in the form of a specific minimum of service fee guarantees. The distributors and partners that signed with Nanox are committed to onboard end-user clinics that will provide back-to-back service fee guarantees through the distributors so that the burden of financial due diligence is focused on the end-user clinics and not Nanox partners. Even though suspicions were raised surrounding the first batch of clients of the young startup, this is actually quite normal for companies at Nanox’s current stage of development (lacking commercially available products). The purpose of generating such large number contracts is to provide the company’s various stakeholders with sufficient market traction and to reassure them of the technology’s marketability.

Deep Knowledge Analytics 21 Investors and Investments

DEEP KNOWLEDGE ANALYTICS Investor Regional Distribution

Industrial Alliance Insurance and Financial Services Founded in 1892, IA Financial Group is a life and health SK Telecom insurance company that offers a wide range of life and SK telecom is a wireless telecommunications health insurance products, savings and retirement operator in South Korea. SK telecom is plans, RRSPs, mutual and segregated funds, securities, dedicated to developing advanced auto and home insurance, mortgage loans and other telecommunications technologies for the ﬁnancial products and services. mobile lifestyle. Investor Location: Canada Investor Location: South Korea Date: Jul 28, 2020 Date: Jan 16, 2020; Jun 4, 2020; Jul 28, 2020

Foxconn Technology Group Foxconn is an electronics company that manufactures FUJIFILM computers and servers. Fujiﬁlm develops and sells Investor Location: Taiwan consumer products and Date: Jan 16, 2020; Jul 28, 2020 business products related to photography. Investor Location: Japan Date: Jan 16, 2020

Yozma Group The Yozma Group is a venture 4 Equity Rounds were done by capital ﬁrm specializing in Nanox Imaging PLC (Gibraltar). investments in all stages of Overall $8.91M were collected. development of a company with a Investor Location: US focus on early stage. Date: 2014-2017 Investor Location: South Korea Date: Jul 28, 2020

Deep Knowledge Analytics 23 Nanox Imaging PLC - Offering and Sales Amounts

“Nanox Imaging PLC is a public limited company incorporated in Gibraltar in 2012 (hereinafter Patents list registered by Nanox All Nanox Imaging Ltd. IP “Nanox PLC” or “the predecessor company”). Nanox PLC developed certain technological Imaging PLC: was transferred from capabilities aimed to design and build various applications for x-ray based imaging. Nanox Imaging PLC (Gibraltar) to PLC has been a development-stage company since its inception. Nanox PLC has a wholly Nanox Imaging (Israel) ● Electron Emitting Construct owned subsidiary, Nanox Japan Inc. (hereinafter “Nanox Japan”). Nanox Japan primarily provided research and development services to Nanox PLC.” Conﬁgured With Ion “Substantially all of our Bombardment Resistant assets at the time of commencement of our ● Devices Having An Electron operations were acquired Equity Rounds made by Nanox Imaging PLC Emitting Structure or assigned (the “Asset (Gibraltar) ● Electron emitting construct Purchase”) from our predecessor company, conﬁgured with ion Nanox Imaging PLC bombardment resistant (“Nanox Gibraltar”), a ● Devices having an electron Gibraltar public company, under an Asset Purchase emitting structure Agreement, dated as of September 3, 2019 and as amended on December 3, 2019 and December 31, 2019, between Nanox Gibraltar and us.“

$2,179,000 USD $4,350,668 USD $1,275,069 USD $1,106,500 USD

2014 2015 2016 2017 2018 2019 2020 Investment Rounds in Nanox Imaging

$165.2M Less than a month after Nanox raised $59 million in funding, the company announced that it raised $165.2 million in an initial public offering. And after $59M its shares were priced at $18 for its debut on the Round B Nasdaq Global Market later under the NNOX ticker, it opened at $20.34, a moderate increase of 13%, and closed out the day at $21.70, up 20.6% compared to its offer price.

Yozma Group Overall, in 2020 the company managed to raise $25M money in three funding rounds - in Q1, Q2 and Q3. SK Telecom IPO The participating investors were all large Foxconn technology corporations operating in the the ﬁelds $26M of electronics, telecommunications and medical Industrial Alliance equipment development. The biggest participant in Insurance and Foxconn Technology the funding rounds was Foxconn Technology Group SK Telecom Financial Services Group - the world's largest electronics contract

FUJIFILM manufacturer and the fourth-largest information technology company by revenue. SK Telecom

Q1 2020 Q2 2020 Q3 2020 Q3 2020

Total Investing Amount: $110M

Total Funding Amount: $275.2M Source: Nanox Imaging

Deep Knowledge Analytics 25 Investments History

Investment Amount Investors Name Funding Round Date of Investments Lead Investor (in million USD)

SK Telecom

Yozma Group

Foxconn Series B round July 28, 2020 N/A $59M

Industrial Alliance Insurance and Financial Services

SK Telecom Series B round June 4, 2020 SK Telecom $25M

SK Telecom

Foxconn Series B round January 16, 2020 Foxconn $26M

Fujiﬁlm

Deep Knowledge Analytics 26 Team Behind

DEEP KNOWLEDGE ANALYTICS C-Level Analysis

Name Position Description Ran Poliakine was attacked by short sellers in their reports and presented as someone who lacks professional experience in Chief Executive The founder of the first wireless charging the healthcare industry. This claim is easily falsifiable given Officer and company (Powermat), a serial entrepreneur that Mr. Poliakine’s position is managerial and the main Ran Poliakine Chairman of the focusing on global life-changing technologies and scientific process in the company is supervised by Amir Ben Board inventions across multiple verticals Shalom, Ph.D. at his position as Chief Scientific Officer (CSO). Dr. Ben Shalom is currently holding a B.Sc. in physics and mathematics from HU Jerusalem, M.Sc. and Ph.D. in Electrical Mr. Maayan has served in financial leadership Itzhak Chief Financial Engineering from Tel-Aviv University. positions in multinational companies including Maayan Officer Perrigo, Cisco Systems, and Elscint. Dr. Ben Shalom is also the head of the exhibits department and principal curator at the Bloomfield Science Museum Jerusalem. He is also the former co-founder and chief Coming from Kornit Digital where he was scientist of Powermat Technologies, a leader in wireless power Chief Business Executive VP Global Business, and Stratasys, Gilad Yron solutions, and CTO and advisor to several companies Officer where he held the position of Senior VP Products, developing cutting-edge technologies. Mr. Yron is a veteran of international corporations.

We found three resources and they provided following info: Mr. Raab has decades of product development Chief Technology Yoel Raab experience, and a BSc. and MSc. in applied Oﬃcer DevelopEX ResearchGate Justia.Patents physics & microelectronics. 3 books With over 250 patents granted and pending, Dr. Amir Ben Chief Science Ben Shalom is a scientist, engineer, author, and a ≈ 50 articles 14 Articles Shalom, Ph.D. Oﬃcer renowned expert in high-power analog circuits and electro-optics. ≈ 200 patents 141 Patents

Deep Knowledge Analytics 28 R&D Team Analysis

There is no available information about employees besides the C-level executives and Board of directors of the company.

Nanox Imaging has 50-60 employees and 24 of them serve upper level roles in positions such as: directors, managers, VPs and C-level executives.

This component of the analysis could not be conducted due to the lack of publicly-available information.

We assume that the majority of R&D workers were engaged in the Japanese or the Gibraltarian entity and were not disclosed due to safety precautions. One of the reasons for that could be the need No Data about Employees to safeguard valuable Intellectual property from competitors.

Deep Knowledge Analytics 29 R&D Spendings

Consolidated Statement of Operations Data: ($ in thousands) General and Administrative 2019 Expenses: ($ in thousands)

G&A - salaries and wages 461

Share-based compensation 14,967 General and administrative expenses consist primarily of salaries, related beneﬁts We consider that high “General and share-based compensation expense for and Administrative” expenses Management fee 534 personnel in executive, ﬁnance and in 2019 were focused in administrative functions. executive compensation and G&A - professional services 1,470

attracting valuable advisors. General and administrative expenses also Legal fees 417 include facilities, depreciation and other expenses (professional fees for legal, Other 449 patent, consulting, investor and public relations, accounting and audit services). Because the technology used by Nanox was developed and patented earlier, R&D expenses are not high. Based on the list of the company’s technological partners signed by Nanox in 2020, we can assume that the company’s main R&D focus is the Nanox.CLOUD system.

Deep Knowledge Analytics 30 Intellectual Property

DEEP KNOWLEDGE ANALYTICS Nanox’s Patents Timeline

1. Devices having an 1. X-ray tube and a 1. Control method of x-ray electron emitting controller thereof imaging device structure 2. X-ray tube and a 2. Cold cathode x-ray tube and 2. Imaging device with conditioning method control method therefor thereof election source array 3. Method for controlling x-ray tube and device for controlling x-ray tube 4. X-ray imaging device and 1. System and method for synthesis method of providing a digitally 1. Electron emitting tomosynthesis image switchable x-ray sources 1. Image capture device construct conﬁgured 5. Cold cathode electron source 2. Tomosynthesis device with ion bombardment and x-ray generator equipped and method for driving resistant with same same

2003 2013 2014 2017 2019 2020 Patents overview

1st Title (Year) Patent No. Description Inventor

An image capture device and an x-ray emitting device are introduced comprising an US200301 Image capture device** Chi Yeung electron receiving construct and an electron emitting construct separated by a 63623A1 spacer.

Devices having an electron emitting EP282605 An image capture device comprising an electron receiving construct and an Iida Koichi structure 6A1 electron emitting construct, and further comprising an inner gap.

Imaging device with election source WO201400 Norihito An electron emitting construction comprising a plurality of pixel units arranged in array* 9832A1 Nishimoto an array.

An electron emitting construct design conﬁgured to facilitate radiation in the X-ray Electron emitting construct conﬁgured US107413 Hidenori spectrum (preventing a cold cathode from damage by ion bombardment in with ion bombardment resistant ** 53B2 Kenmotsu high-voltage applications).

An X-ray tube comprises a vacuum vessel; a cathode and an anode ﬁxedly US201800 X-ray tube and a controller thereof Koichi Iida disposed inside the vacuum vessel; and a rotary mechanism that rotates the 05796A1 vacuum vessel.

X-ray tube and a conditioning method US201703 Hidenori The X-ray tube includes an electron emission, an anode unit, and a focus structure thereof* 01505A1 Kenmotsu disposed between the electron emission unit and a target unit.

*- the patent was abandoned ** - the patent was granted Source: Taking an X-Ray to Nanox Imaging

Deep Knowledge Analytics 33 Patents overview

1st Title (Year) Patent No. Description Inventor

Control method of x-ray imaging device WO201915 Hidenori The control method of an X-ray imaging device will reduce the number of X-ray 1249A1 Kenmotsu tubes conﬁguring a distributed X-ray source.

Cold cathode x-ray tube and control WO201915 Hidenori A cold cathode X-ray tube capable of preventing time-dependent decrease in method therefor 1248A1 Kenmotsu anode (stable operations for a long period of time.).

Method for controlling x-ray tube and WO201915 Tsutchiya A method for controlling an X-ray tube will provide an X-ray imaging device and a device for controlling x-ray tube 1251A1 Tadamoshi method for synthesizing a tomosynthesis image.

X-ray imaging device and synthesis WO201915 Hidenori An X-ray imaging device that increases the possibility that a distributed X-ray method of tomosynthesis image 1250A1 Kenmotsu source can be adopted, and a synthesis method of tomosynthesis images.

Cold cathode electron source and x-ray WO201924 Hitoshi Providing a modular structure for an X-ray source which allows for the generator equipped with same 4874A1 Masuya replacement of a cold cathode electron source (facilitating the production and maintenance of an X-ray source).

System and method for providing a WO202014 Gusti A digital switching unit operable to selectively connect a low voltage driving digitally switchable x-ray sources 1435A1 Averbuch circuit to activate a ﬁeld emission type electron emitting construct.

Tomosynthesis device and method for WO202015 Hidenori An X-ray imaging device that increases the possibility that a distributed X-ray driving same 8644A1 Kenmotsu source can be adopted, and a synthesis method of tomosynthesis images.

*- the patent was abandoned Source: Taking an X-Ray to Nanox Imaging ** - the patent was granted Deep Knowledge Analytics 34 Intellectual Property Analysis

There are 13 patent families assigned to Nanox Imaging LTD, Nanox It is notable that among among the company’s initial inventors, Hidenori Imaging PLC (GB) and Nanox Japan Inc, filed from Aug. 2012 to Jan. Kenmotsu is the most-featured inventor on the company’s patents. 2019. Our analysis identified two patents that have been granted and However, according to available information on current staff, he is not a several that have been abandoned, with all others still pending. The current member or employee of the company. majority of the company’s IP appear to be inherited from Nanox Inc. According to information presented in the Nanox Imaging Prospectus, The majority of Nanox patents appear to derive from work performed the company is expecting of rise of their expenditure in connection with prior to the incorporation Nanox, based on research performed at Sony. continuing the research and “hiring additional quality control and scientific personnel”. Unfortunately, Nanox has not released any data on their device specifications, including current density, power or spot size, precluding the ability of comparing their values to market averages. Nanox’s patent portfolio protects the Nanox core x-ray source According to Nanox Imaging Prospectus: “We rely upon a combination of capabilities for at least 9 additional years. Presently, the patents and trade secrets to protect the intellectual property related to our company is expecting to increase the size of its R&D department proprietary technologies. Our success depends significantly on our ability with additional employees to enable technology roadmap to obtain and maintain intellectual property protection with respect to our development. technology and products.”

This fact limits the scope of our analysis strictly to publicly-disclosed We still lack experimental comparison between the Nanox tube patents, given that trade secrets are, by nature, undisclosed. and a conventional tube of the same power but we expect to have more information during the upcoming unveiling at the RSNA 2020 conference.

Source: Taking an X-Ray to Nanox Imaging

Deep Knowledge Analytics 35 Conclusions

DEEP KNOWLEDGE ANALYTICS Allegations by short sellers

In September 2020 two Research Analytics agencies, supposedly backed by A notable fact is that the terms of use and disclaimer on Muddy Waters' short-selling hedge funds, published their report, criticizing Nanox and page discussing Nanox were more than four times the length of its claiming its valuation is close to $0: actual analysis of the company. One more consequence of the short-seller’s reports turned our in several class action lawsuits from Citron Research published their report on 15.09.2020 (currently the report USA legal firms, which is classic practice for this situation. (Source: Is is archived on their website and not public). In this report Citron claims Nanox the Ultimate Contrarian Buy?) Nanox made false statements to both SEC and the investors to inflate the stock value. According to recent findings, Citron Research has mislead their There is a change.org petition against Citron's repeatedly deliberate false readers in a range of misrepresentations, including references to the state and misleading reports, particularly against Andrew Left who has been of Nanox technology (they have completely disregarded the Nanox digital sued and convicted by regulators and governments: (Source: Appeal to x-ray tube) and the Nanox commercial contracts. FINRA and SEC Enforcements to Investigate Andrew Left of Citron Research). Another short-seller, Muddy Waters Research, published its report on 22.09.2020, a week after the Citron report appeared in public. This report Both reports showed Nanox shares down, but they recovered in was severely deficient in facts and analysis, compared even to Citron’s November, just before the RSNA conference in Chicago, where the report. Muddy Waters claimed Nanox did not have a real product to show company will run a live demonstration of prototype. which is a misrepresentation of the facts since Nanox has a fully operational digital x-ray (the core of their product offering). They have misled their readers by omitting this fact and presenting solely the lack of However, investors should thoroughly examine short-sellers commercially available Nanox.ARC prototype as evidence to their reports to make their own decision. Also, they should understand, allegations. that short sellers hedge funds do not produce products, but gain profit on their short-selling strategies. The only way to prove the Both reports showed Nanox shares down, but they recovered over 100% of technology for startups is to run live demonstration of the product, their value during November ahead of the RSNA conference in Chicago, as well as actual sales. Investing in companies on early-stage R&D where the company will run a live demonstration of their prototype. One and pre-launch of the product stages considers several risks, more consequence of short-seller’s reports turned our in several class which an investor should take to gain his profit. action lawsuits from USA legal firms, which is classic practice for this situation.

Deep Knowledge Analytics 37 Prototype Demonstration

Nanox will demonstrate its novel technology (Nanox.SOURCE) and “We are pleased to invite everyone to witness ﬁrst-hand our technology medical imaging system (Nanox.ARC) at RSNA 2020, which is being held and the Nanox.ARC at the RSNA. We have an ambitious goal of making November 29 - December 5 in Chicago. medical imaging widely available on a global basis to promote preventive healthcare through early detection. Two-thirds of the world’s population currently have no access to medical imaging, and we aim to improve this statistic. We look forward to this demonstration which will allow people to see the depth and validity of our technology.” - Mr. Poliakine.

The demonstration will include a technology section elaborating on Nanox’s ﬁrst commercial-grade digital x-ray source followed by a live demonstration of the Nanox.ARC in a range of 2D and 3D medical imaging Despite a dynamic activity, there has been no public viewing of the procedures. Nanox digital X-ray system announced in 2019.

The demonstration will be led by Mr. Ran Poliakine, Chairman and Chief Thus the presentation will become the key point of the project and Executive Oﬃcer of Nanox, and will be live streamed globally. It will include dispel all the doubts and misunderstandings about the product. a professional radiology Q&A session followed by lectures and presentations of clinical applications of the Nanox.ARC medical imaging system by well-known radiologists and Company distribution partners.

Deep Knowledge Analytics 38 Comparative Analysis (SWOT analysis)

The company established in 2018 (Nanox Imaging Ltd) was created with the sole purpose of properly facilitating an IPO and attracting investments. The new entity went public without having a minimum viable product or a prototype at the time. Now the market ambitions of Nanox Imaging are hanging entirely on the success of the prototype demonstration, which will take place at the beginning of December, 2020 which will mark the culmination of 20 years of research and development. With the SWOT analysis below we aim to give a general overview of the organization’s market position:

Strengths Weaknesses

● Mobility of product and relatively low price (as was ● No commercially available prototype promised by developers); ● No FDA approvals ● Large and established R&D partners ● Company demonstrating the prototype 5 months after IPO ● Large and stable investors ● No public information on R&D team (which is not entirely ● Two products types: Hardware and Cloud app necessary as stealth startups tend to operate this way in ● Disruptive business model order to protect their intellectual property) ● CSO with a strong scientiﬁc background.

Opportunities Threats

● Large and ever growing Total Addressable Market ● Upcoming conference and prototype demonstration. This is ● Ties and partnerships in Asia ( some Asian regions, such as a particularly important event that will have an enormous Japan and China, are anticipated to further the development impact the viability of the company’s efforts and future of advanced medical imaging technology). commercial prospects. ● Cloud technologies will allow the collection of vast amounts ● Several class action lawsuits which could possibly damage of health data and thus will help healthcare research and Nanox’s brand, investor sentiment and customer loyalty. early detection in preventive healthcare.

Deep Knowledge Analytics 39 Data Sources 1. Nanox IMAGING LTD. REGISTRATION STATEMENT. Retrieved: Nov 26 26. Nanox Partners With Qure.ai to Integrate AI-based Algorithms for Medical Imaging in the 2. Form 424B4 Nanox Imaging Ltd. Prospectus. Retrieved: Nov 25 - Nov 27 Nanox.CLOUD. Retrieved: Nov 25 3. Magnetic Resonance Imaging Market Size, Share & Trends Report And Segment Forecasts, 27. Number of magnetic resonance imaging (MRI) units in selected countries as of 2019. 2020 - 2027. Retrieved: Nov 25 Retrieved: Nov 25 4. MRI Systems Market Size to Reach USD 6.3 Billion by 2026 - Valuates Reports. Retrieved: 28. Foxconn Technology Group. Retrieved: Nov 26 Nov 25 29. Foxconn Technology Group's (Hon Hai Precision Industry) net income worldwide from 2005 5. Magnetic Resonance Imaging Systems Market by Architecture, Field Strength - Global to 2019. Retrieved: Nov 26 Forecast to 2023. Retrieved: Nov 25 30. Foxconn. Retrieved: Nov 26 6. Waiting Your Turn: Wait Times for Health Care in Canada, 2016 Report. Retrieved: Nov 26 31. iA Financial Group Proﬁle. Retrieved: Nov 26 7. NHS test waiting times continue to grow. Retrieved: Nov 26 32. Nanox Technology Overview. Retrieved: Nov 26 8. Process analysis to reduce MRI access time at a German University Hospital. Retrieved: Nov 33. Foxconn backs digital X-ray startup Nanox's $26M round. Retrieved: Nov 26 26 34. Our leadership. Retrieved: Nov 25 9. French MRI waiting times are 'worst in a decade'. Retrieved: Nov 26 35. Nanox Announces Live Demonstration of its Nanox.ARC System at Radiology Society of 10. Average waiting time for MRI scans in the Netherlands from 2010 to 2016. Retrieved: Nov North America 2020. Retrieved: Nov 26 26 36. Nanox Imaging. Financials. Retrieved: Nov 26 11. Mumbai hospital tells patients to wait until 2020 for MRI. Retrieved: Nov 26 37. Is Nanox the Ultimate Contrarian Buy? Retrieved: Nov 27 12. Double the wait for an MRI scan if you live in Melbourne’s west or north, report reveals. 38. Nanox Imaging plc. Retrieved: Nov 25 - Nov 27 Retrieved: Nov 26 39. Appeal to FINRA and SEC Enforcements to Investigate Andrew Left of Citron Research. 13. MRI scanning more available due to the efforts of the University Clinic. Retrieved: Nov 26 Retrieved: Nov 27 14. Israel's Health Ministry Plans to Boost Access to MRIs. Retrieved: Nov 26 40. ResearchGate: Amir Ben-Shalom. Retrieved: Nov 26 15. REPORT OF FOREIGN PRIVATE ISSUER. Retrieved: Nov 26 41. Nanox raises $20 million to scale its AI medical imaging system. Retrieved: Nov 25 16. SK Telecom Increases Investment in Nanox to Accelerate Innovation in Medical Imaging. 42. Nanox is basically the high-tech hospital bed from Star Trek. Retrieved: Nov 26 Retrieved: Nov 25 43. Magnetic resonance imaging (MRI) units. Retrieved: Nov 26 17. Nanox Signs Strategic Collaboration Agreement With USARAD for the Deployment of 3,000 44. Medical imaging co Nanox already worth $1.2b. Retrieved: Nov 25 Nanox Systems in the U.S. Retrieved: Nov 25 45. Justia Patents. Retrieved: Nov 26, Nov 27 18. Nanox Signs Agreement With Hadassah Medical Organization for the Development of Novel 46. Taking an X-Ray to Nanox Imaging. Retrieved: Nov 26 Early-detection Protocols for the Nanox.ARC. Retrieved: Nov 25 47. Google Patents. Retrieved: Nov 27 19. Nanox Signs With Ambra Health to Enable Image Access and Transfer with U.S. Hospitals 48. USPTO.report. Retrieved: Nov 27 and Medical imaging Providers. Retrieved: Nov 25 49. Espacenet. Retrieved: Nov 27 20. Nanox Announces Agreement With CureMetrix For AI-based Assistive Diagnostic Tool to 50. LATAM Business Development Group: Home. Retrieved: Nov 28 Support Nanox Cloud Platform. Retrieved: Nov 25 51. PROMEDICA: Solutions for Innovative Medicine. Retrieved: Nov 28 21. Nanox Ltd. Retrieved: Nov 27 52. Nanox Signs Agreement With The Gateway Group for the Deployment of 1,000 Nanox.ARC 22. Nanox imaging. Retrieved: Nov 26 Units Across Australia, New Zealand, and Norway. Retrieved: Nov 28 23. Hitoshi Masuya. Retrieved: Nov 26 53. Nanox Enters Asia Paciﬁc: Signs Strategic Agreement With Golden Vine International for the 24. Nanox Japan Ltd. Retrieved: Nov 26 Deployment of 500 Nanox.ARC Systems in Taiwan and Singapore. Retrieved: Nov 28 25. Medical imaging startup Nanox closes at $21.70, up 20.6%, after raising $165.2M in its IPO. 54. Nanox Signs Agreement with SPI Medical for the Deployment of 630 Nanox.ARC Units in Retrieved: Nov 25 Mexico. Retrieved: Nov 28

Deep Knowledge Analytics 40 DISCLAIMER

Our research institute does not have any direct or indirect relations with any of the parties mentioned in this document, including but not limited to, Nanox imaging ltd., any of its employees, affiliates, directors, partners, founders or suppliers. We do not hold any NNOX shares, either directly or indirectly and have no options, warrants, long or short positions in nnox equities or its derivatives. Our research is an independent review with no financial or other benefits to be derived from its publication. The information and opinions in this report were prepared by us as an independent organization. Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, we make no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. We neither endorse the content nor are responsible for the accuracy or security controls of these websites. This report is provided on an independent basis and should not be deemed as a recommendation to buy or sell NNOX stock.